Low doc home loans, otherwise known as lite doc, or alt doc loans, offer you a home loan option if you’re self-employed. Rather than having to provide payslips, you can usually self-certify your income by providing statements from your accountant, recent Business Activity Statements, or a self-signed income declaration form.
Having bad credit shouldn’t stop you from getting a home loan and owning your own home or investment property. Due to uncontrollable life events, such as suddenly losing your job, going through a separation or divorce, or experiencing a sudden illness, you may find it difficult to keep up with your financial commitments.
Low-Doc & Credit Impaired Loans Sydney
Thankfully, there are a range of specialist lenders and brands in Australia who will accept borrowers with paid and unpaid defaults, discharged bankruptcy claims, mortgage arrears and a high number of credit enquiries on their credit files. The products offered by these lenders are known as non-conforming home loans and are very flexible with lending conditions, usually also being offered to self-employed borrowers.
Advantages:
Simple income declaration form.
No tax returns.
No financial statements.
Can have features such as redraw, line of credit, variable or fixed rates, principal and interest or interest only.